UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2003
Commission File Number 1-13591
AXS-ONE INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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13-2966911 |
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(State or other
jurisdiction of |
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(I.R.S. Employer Identification No.) |
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301 Route 17 North |
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07070 |
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(Address of principal executive offices) |
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(Zip Code) |
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(201) 935-3400 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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YES |
ý |
NO |
o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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YES |
o |
NO |
ý |
Number of shares outstanding of the issuer’s common stock as of August 4, 2003
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Class |
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Number of Shares Outstanding |
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Common Stock, par value $0.01 per share |
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24,959,742 |
AXS-ONE INC.
INDEX
2
AXS-ONE INC. AND SUBSIDIARIES
(In thousands, except per share data)
(Unaudited)
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December 31, |
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June 30, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
2,702 |
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$ |
1,156 |
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Restricted cash |
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67 |
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48 |
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Accounts receivable, net of allowance for doubtful accounts of $379 and $174 at December 31, 2002 and June 30, 2003, respectively |
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3,866 |
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4,495 |
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Due from joint venture |
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345 |
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128 |
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Prepaid expenses and other current assets |
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706 |
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636 |
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Total current assets |
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7,686 |
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6,463 |
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Equipment and leasehold improvements, at cost: |
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Computer and office equipment |
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10,687 |
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10,883 |
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Furniture and fixtures |
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857 |
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904 |
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Leasehold improvements |
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860 |
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863 |
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12,404 |
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12,650 |
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Less–accumulated depreciation and amortization |
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12,035 |
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12,301 |
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369 |
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349 |
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Capitalized software development costs, net of accumulated amortization of $8,177 and $8,851 at December 31, 2002 and June 30, 2003, respectively |
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2,378 |
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2,358 |
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Other assets |
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166 |
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191 |
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$ |
10,599 |
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$ |
9,361 |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
1,800 |
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$ |
1,447 |
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Accounts payable |
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2,304 |
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1,446 |
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Accrued expenses |
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2,973 |
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2,617 |
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Due to joint venture |
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179 |
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— |
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Deferred revenue |
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8,821 |
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9,220 |
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Total current liabilities |
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16,077 |
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14,730 |
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Long-term liabilities: |
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Long-term debt, net of current portion |
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547 |
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— |
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Commitments and contingencies |
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Stockholders’ deficit: |
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Preferred stock, $.01 par value, authorized 5,000 shares, no shares issued and outstanding |
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— |
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— |
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Common stock, $.01 par value, authorized 50,000 shares; 24,849 and 24,960 shares issued and outstanding at December 31, 2002 and June 30, 2003, respectively |
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248 |
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250 |
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Additional paid-in capital |
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72,052 |
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72,104 |
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Accumulated deficit |
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(78,769 |
) |
(78,187 |
) |
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Accumulated other comprehensive income |
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444 |
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464 |
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Total stockholders’ deficit |
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(6,025 |
) |
(5,369 |
) |
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$ |
10,599 |
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$ |
9,361 |
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The accompanying notes are an integral part of these consolidated financial statements.
3
AXS-ONE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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June 30, |
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June 30, |
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Revenues: |
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License fees |
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$ |
740 |
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$ |
1,354 |
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$ |
1,924 |
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$ |
2,595 |
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Services |
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8,522 |
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8,160 |
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16,346 |
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16,249 |
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Other - related parties |
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101 |
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74 |
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189 |
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189 |
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Total revenues |
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9,363 |
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9,588 |
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18,459 |
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19,033 |
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Operating expenses: |
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Cost of license fees |
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337 |
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378 |
|
702 |
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719 |
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Cost of services |
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3,888 |
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